SRK Group plans property development in India

New Delhi: Real estate firm SRK Group is planning to invest Rs 5,000 crore in developing various properties across the country over the next five years with plans to expand to new cities.

'The group has identified many projects in south India and other parts of the country to pump in about Rs 5,000 crore in the next five years in developing residential as well as commercial projects,' industry sources said.

When contacted, the Pune-based SRK Group's Chairman and Managing Director K Rasheed Malik said, 'We are looking into new areas and different projects. In Kerala, we have already identified some projects, which we will be developing in the future.'

According to the sources, SRK group plans to invest about Rs 2,000 crore in Kerala in five years. It is also likely to launch 3-4 residential projects in the state within the next six months.

Malik said, the group was looking at markets like Delhi, Gurgaon, Ahmedabad, Pune and Chennai.

'Currently we are talking to land owners to acquire land, but nothing has been finalised yet,' he added.
Apart from Delhi, where SRK Group plans to develop only commercial projects, in all the other cities it will develop both residential and commercial properties.

'We are looking to develop about 15 projects in these five new cities with over 100 acres of land in total,' Malik said.

The group, which is currently developing 20 projects in south India, is also planning to construct 100 housing units for Adivasis and poor people in Kerala free of cost, he said.

'We will also be launching healthcare facilities and ambulance services in rural Kerala,' he added.